Clough Capital Partners L P Invests $15.86 Million in MGM Resorts International $MGM

Clough Capital Partners L P bought a new stake in MGM Resorts International (NYSE:MGM) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 428,440 shares of the company’s stock, valued at approximately $15,857,000. MGM Resorts International comprises approximately 1.5% of Clough Capital Partners L P’s holdings, making the stock its 26th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Whittier Trust Co. lifted its holdings in MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after acquiring an additional 262 shares during the period. Global Retirement Partners LLC grew its stake in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares during the period. Asset Management One Co. Ltd. grew its stake in MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after purchasing an additional 313 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after purchasing an additional 355 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of MGM Resorts International by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after purchasing an additional 397 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of research analyst reports. Mizuho cut their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. raised their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Barclays lifted their price objective on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. The Goldman Sachs Group reissued a “sell” rating and set a $43.00 target price on shares of MGM Resorts International in a research report on Wednesday, July 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.31.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.38% of the stock is owned by corporate insiders.

MGM Resorts International Stock Up 0.2%

Shares of NYSE MGM opened at $45.61 on Monday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The stock has a market capitalization of $11.67 billion, a PE ratio of 63.35 and a beta of 1.29. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The business’s fifty day moving average price is $45.61 and its 200-day moving average price is $39.64.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same period last year, the business posted $0.69 EPS. The company’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that MGM Resorts International will post 1.98 EPS for the current year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.